An important alert is issued for Binance P2P users, especially in emerging markets, regarding a new 'Pump and Dump' scam tactic involving stablecoins. It is recommended to exercise extreme caution and verify the legitimacy of transactions to avoid losses.
How to protect yourself:
* ALWAYS verify the payment: Never release cryptocurrencies until the money is clearly reflected and available in your bank account or payment method. Do not rely on screenshots, SMS confirmations, or notifications.
* Avoid third-party payments: Only accept payments from accounts whose name exactly matches the name of the buyer/seller on the P2P platform.
* Use the official platform chat: Keep all communication and negotiation within the Binance P2P chat (or the exchange you use) to have an official record in case of disputes.
* Be wary of "too good to be true" offers: If the price is unusually high or low, it's a red flag.
* Report suspicious activities: If you suspect a scammer, report them immediately to the exchange's support.
* Enable 2FA (Two-Factor Authentication): Protect your account with this additional security measure.
* Trade with verified users and those with a good history: On Binance P2P, you can see the number of completed orders and the success rate of a user.
For a more detailed explanation of P2P arbitrage scams and how to reduce them, you can check Binance P2P Scams.
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